Umar Dangiwa Blasts Governors, Accuses them of Stealing their States Blind
Editor
Posted On Oct 25, 2014
Former military governor of Kaduna state, Col.Abubakar Dangiwa Umar (rtd) has raised the alarm over the looting of public funds by state governors, warning that the governors are mortgaging the future of their states with excessive borrowing of money from banks to finance fictitious projects.
Umar,lamented over the state of affairs in some of these states,explained that it had become necessary to alert the nation of a dangerous and explosive scheme by which some state Governors were mortgaging the future of their states through
The retired military officer in a statement issued in Kaduna today, accused the governors of excessive borrowing from commercial banks and other financial institutions to finance projects of dubious viability, adding that such loans were being taken to either fraudulently acquire campaign funds as the 2015 elections approach or as retirement benefits.
His words “Some of them are also desperately selling off state’s assets including shares and other long term investments. In a situation where states’ legislatures have reduced themselves to all but an arm of the executive, it is unrealistic to expect them to check and stop this fraud. We therefore appeal to the anti corruption agencies to intervene. We also warn banks to desist from connivance with those Governors. They need to be reminded of their civic responsibility and banking ethics to protect helpless public.
“They must be aware that most of these states have already lost the capacity to meet their financial obligations due to huge debt burden and diminishing source of revenue resulting from falling oil revenue. The bankers must not forget that, in the past, collapse of oil prices in the world market have often led to widespread collapse of Nigerian banks because they never learned to say ‘no’ to prodigal but cash-strapped state governments in such critical periods.”
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